Insurance valuation

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russ

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My renewal is up in October and after shopping around I found a competitive quotation but they would only value the boat at 30% more than the purchase price. Where as I feel the values have risen significantly more than this, especially after all my upgrades etc.
They have asked for a current valuation and so I sent them 5 current S38 adverts ranging from £128 to £148,000. Now they want a written valuation.

Does anyone know a surveyor that can value my boat without having to pay out more than the extra cost would be to stay with my present insurers at my valuation?
 
russ said:
My renewal is up in October and after shopping around I found a competitive quotation but they would only value the boat at 30% more than the purchase price. Where as I feel the values have risen significantly more than this, especially after all my upgrades etc.
They have asked for a current valuation and so I sent them 5 current S38 adverts ranging from £128 to £148,000. Now they want a written valuation.

Does anyone know a surveyor that can value my boat without having to pay out more than the extra cost would be to stay with my present insurers at my valuation?
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Nick Vass , omega yacht surveys .
 
Well maybe are not that good a company, you could name them to see if there is any opinions on them , good or bad.
 
Just as a guide I had my 2002 S37 valued at €135k in Spain as part of an insurance survey requirement for Craftinsure.
Maybe worth a little more in the UK
Thank you Liz Truss, today it’s worth another 5% converted to £££’s
 
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It is unusual to allow as much as 30% uplift without a professional revaluation, particularly if it is based partly on the work and expenditure on upgrading. . Listing asking prices is not an indication of likely actual sales value, and as you see the asking prices cover a wide range. The actual increase in premium from say £100K to £130k will be small as most of insurance is for third party risks. To give you an idea my current boat is valued at £14k and the premium is about £300, whereas my last boat was £105k and the premium was £460. The value of having an agreed value that more closely reflects market value is that you know what the payout will be for a total loss, but more importantly it raises the point at which the insurer may refuse repairs.

Not unreasonable that the insurer requires an independent surveyor report and valuation that confirms the boat's condition is such that its value sits in the range of current boats of similar type.
 
When we renewed a couple of months ago we increased the value based upon increases in values generally as opposed to the ££ we have spent on upgrades. The insurance company asked for a valuation so I asked a Broker for one in writing, which they accepted. Can’t see why a surveyors valuation would be specified.
 
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